More Cheap Oil Heading to Market Will Complicate Efforts To Curb Global Warming

Brazil, Canada, Norway, and Guyana are set to flood the global oil and gas market with an additional million barrels a day in 2020 and nearly a million more in 2021, thus driving down prices and slowing efforts to combat global warming by weaning consumers and industries off fossil fuels.  According to The New York Times, experts predict that this will complicate efforts to gain greater adoption of electric vehicles, and will keep SUVs and other less fuel-efficient cars competitive.

Why This Matters:  An increase in the supply of cheap gas could not come at a worse time for the global fight to curb greenhouse gas emissions — this will obviously have the opposite effect of a carbon tax.

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